Wahaha and Blue Sail Back China's First Artificial Heart IPO Contender

Jul 18, 2025 18:08 CST Updated 18:08

BrioHealth Solutions

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Recently, Blueline Medical revealed in its earnings forecast,BrioHealth Solutions, a leading domestic artificial heart company in which it holds shares, completed its pre-IPO financing by the end of June 2025.

As the jewel in the crown of the medical device industry, artificial hearts have garnered significant capital investment. Wahaha, which has been a hot topic recently, also invested in BrioHealth Solutions.

Previously, BrioHealth Solutions had completed a D+ round of financing worth hundreds of millions of RMB in 2022.This round of financing coincides with the restart of the fifth set of standards on the Sci-Tech Innovation Board, and its listing process may see a breakthrough.

Blue Sail, Wahaha Investment
Valuation Increases Sixfold in Three Years

Since its establishment in 2008, BrioHealth Solutions has successfully developed a new generation of ultra-small fully magnetically levitated artificial heart — CiFU.^®VAD (Model: CH-VAD),Becoming the first domestically produced fully magnetically levitated VAD in China to receive approval from the National Medical Products Administration.

Building on the success of CH-VAD, BrioHealth Solutions developed a new-generation product, BrioVAD, which successfully received FDA approval for clinical trials in the United States and officially launched the trials in 2024.Becoming the first and only active implantable medical device in China to receive FDA approval for clinical trials in the United States.

BrioVAD^®Main Components of the Left Ventricular Assist System

BrioHealth Solutions is a significant layout for Blausen Medical to enter the high-value consumables field.In June 2019, Blue Sail Medical announced that the company and several senior executives jointly invested 102 million yuan to acquire shares in BrioHealth Solutions, an artificial heart R&D enterprise.The two parties will work together to advance the clinical, registration, and market development of the fully magnetically levitated artificial heart "CH-VAD" in the global market. At that time, Blue Sail Medical held a 10.16% stake, while its current stake is 4.88%.

With the strategic shift and heavy investment of Blue Sail Medical, itsThe Cardiovascular Division has entered a profitable cycle, achieving sales revenue of over 690 million yuan in the first half of 2025, representing a year-on-year increase of more than 20%.

When Blue Sail Medical invested in BrioHealth Solutions, the valuation given to BrioHealth Solutions was 1 billion yuan. By the time BrioHealth Solutions completed its D+ round of financing in 2022, its valuation had reached nearly 6 billion yuan, increasing almost six-fold in just three years.

From the timeline, Wahaha and Lanfan invested in BrioHealth Solutions in the same year.Wahaha Venture Capital holds shares in BrioHealth Solutions through Fengchuan Hongbo in Ningbo Meishan Bonded Port Area.

Wahaha Venture Capital was established in November 2010, with a registered capital of 300 million RMB,Jointly held by Hangzhou Wahaha Hongzhen Investment Co., Ltd. and Shi Youzhen, with Zong Fuli as the actual controller.

Who Will Become the First Domestic Artificial Heart Stock in China?

Currently, a total of 7 artificial heart products have been approved in China.Including 5 Chinese companies: EVAHEART Medical, BrioHealth Solutions, Aerospace TAIHEART, Core Medical, HeartPower Medical, and 1 foreign company, Abbott.

Chart: Device Family

Among Chinese manufacturers, apart from BrioHealth Solutions, Core Medical's listing process is currently the fastest.In April 2023, the China Securities Regulatory Commission (CSRC) disclosed on its official website that Core Medical had registered for coaching and filing with the Shenzhen CSRC Bureau, planning to make its initial public offering (IPO) and list its shares.

BrioHealth Solutions Recent Rounds of Financing

In the capital winter, BrioHealth Solutions has successively obtained large-scale financing in recent years. This year, it completed the latest round of D-round financing exceeding 100 million US dollars.Set a record as the largest financing in China's innovative medical device sector since 2025.

Although it was not approved particularly early, data shows that:

BrioHealth Solutions' First Core Medical ProductCorheart 6 ranked first in market share within its first year on the market in China;

As of now,The cumulative implantation volume of Corheart 6 has exceeded 700 units;

Achieved commercial implant volume, cumulative implant volume, and market share"Triple First Place"

In addition, BrioHealth Solutions was established in 2016, jointly funded by the China Academy of Launch Vehicle Technology, Beijing Research Institute of Precision Machinery and Electrical Control Equipment, and the State-owned Assets Operation Company of Tianjin Economic-Technological Development Area.

In 2024,BrioHealth Solutions挂牌“Teda Preparatory Board for Listing, Tianjin Economic-Development Area will provide it withProvide support in terms of credit limits, interest rates, and terms to promote listing.Wu Wenjin, Vice General Manager of the company, stated, "Following this listing, the company will continue to focus on ventricular assist devices and other areas of heart failure. Subsequently, an implantable ventricular assist device and an interventional ventricular assist device will be launched successively, breaking the current international monopoly trend and creating China's own innovative products."

Million yuan drops to 700,000 yuan

Many places in China have included artificial hearts in the scope of medical insurance reimbursement. CurrentlyBeijing, Guangdong, Jiangsu, Tianjin, Ningxia, and other regionsThe surgery for implanting artificial hearts and related equipment has been included in the medical insurance reimbursement directory, significantly reducing the financial burden on patients.

In March 2025, the National Healthcare Security Administration compiled and issued the "Guidelines for the Establishment of Medical Service Price Items for Cardiovascular System Services (Trial)," unifying the addition of price items such as "Ventricular Assist Device Implantation Fee," "Ventricular Assist Device Removal Fee," and "Cardiac Implantable Device Compatibility Fee" across China, addressing pricing and charging issues for medical services related to surgical implantation, surgical removal, and postoperative adjustments.

The National Healthcare Security Administration held talks with five companies, namely Tianjin Aerospace Taixin, Shenzhen Core Medical, Chongqing Forever Heart, BrioHealth Solutions (Suzhou), and Abbott.

It was revealed that during the process, the National Healthcare Security Administration mainly reminded enterprises of price risks, and the specific prices were set autonomously by the enterprises.Abbott's artificial heart price remains unchanged, while Aerospace BrioHealth Solutions has the largest price reduction, exceeding 100,000 yuan, with the price after the reduction being 499,000 yuan per set.

In April 2025, the Tianjin Municipal Medical Insurance Bureau clarified the charges for artificial heart implantation at 13,000 yuan and removal at 6,500 yuan. Including hospitalization and medical expenses, the estimated total cost is...The overall cost of artificial heart implant surgery has decreased from the previous million-level to around 700,000.

This round of price cuts will not only expand the application of artificial hearts in China but also intensify competition among companies.

Competition of Chinese-Made Artificial Hearts Going Global

Currently, artificial hearts made in China have been competing to enter the international market.

Among them, BrioHealth Solutions has the earliest overseas layout.Officially approved in China, Japan, and Europe(Obtained Japan's "Manufacturing and Sales License" in 2010, and was included in Japan's medical insurance reimbursement directory in 2011;Awarded in 2012EU CE Certificate). In 2017,The second-generation product of Eternalmind has obtained the FDA's clinical trial approval (IDE approval) in the United States.It is currently the only artificial heart product made in China that is used in multiple developed countries.

In August 2023, Heart Power Medical announced its interventional artificial heart, NyokAssist.®Received the "Breakthrough Device" designation from the U.S. Food and Drug Administration (FDA),Has becomeChina's first invasive artificial heart to receive this designation.

In May 2024, BrioHealth Solutions initiated European clinical trials and successfully enrolled patients.; Meanwhile, BrioHealth Solutions is carrying out international expansion in multiple locations; June 2025,Corheart®6Landing on the American Continent,Obtained in ColombiaTheAccess Permit，And successfullyCompleted the First Overseas Commercial Implantation of a Chinese-Made Artificial Heart，

BrioHealth Solutions stated that the relatively stable market environment in Europe and its robust healthcare payment system will provide an important strategic foothold for the company's global expansion.

November 2024, BrioHealth Solutions BrioVAD^®The first subject has been successfully enrolled in the INNOVATE clinical trial at Emory University Hospital in the United States.This trial will conduct a randomized controlled comparison directly with Abbott's HeartMate 3, the only fully magnetically levitated artificial heart previously approved by the FDA.

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The latest data shows that in China, there are 13.7 million patients aged 35 and above with heart failure, with 2.97 million new cases each year.There are approximately 1 million patients with end-stage heart failure.The only two treatment options for end-stage heart failure are heart transplantation and artificial heart implantation. With a severe shortage of donors, the demand for artificial hearts is enormous. Recently, the China Securities Regulatory Commission officially announced the resumption of the fifth set of standards for the STAR Market.A Boon for Unprofitable Hard Tech Enterprises, is expected to successfully trigger the listing of a high-potential artificial heart company.

END

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